Israel to open its waters for gas explorations

In an attempt to become an energy exporter and pushing the Mediterranean sea as a natural-gas powerhouse, Israel has invited international companies to explore its offshore waters for natural gas.

Mr. Yuval Steinitz, Israel’s minister of national infrastructure, energy and water resources, said “My intent is to reopen Israel's economic waters for exploration, there is still the potential for new discoveries in our economic waters."

"We do have serious interest in investing in Tanin and Karish, and maybe Tamar and in exploring in our economic waters," he added.

Yuval Steinitz had met senior executives of more than 20 energy companies, including Eni SpA, Royal Dutch Shell PLC, Exxon Mobil Corp. and Hess Corporation to gauge interest in further exploring offshore Israel.

Mr. Steinitz said he estimated a production potential of 350 trillion to 530 trillion cubic feet of gas, or at least 60 billion barrels of oil equivalent potential in eastern Mediterranean basin. These deposits would be enough to supply the needs of Israel, Egypt and Turkey, and also export a significant amount of gas to Europe.

Earlier, Israeli Prime Minister Benjamin Netanyahu announced that he would take over the economy minister’s portfolio to get the gas fields to production faster.